Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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McDonald’s Corp., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The common-size income statement reveals several noteworthy trends in the company’s financial performance between March 2021 and December 2025. Revenues are consistently derived from franchised restaurants at a significant portion, generally ranging between 56% and 62% of total revenues. Sales from company-owned and operated restaurants demonstrate a decreasing trend over the period, while other revenues show an increasing trend, particularly towards the end of the observed timeframe.
- Revenue Composition
- The proportion of revenues from franchised restaurants generally increased from 56.15% in March 2021 to around 61-62% in the period between June 2022 and December 2023, before decreasing slightly to 61.50% in December 2025. Conversely, the contribution from company-owned and operated restaurants decreased from 42.18% in March 2021 to approximately 36.20% in December 2025. Other revenues, while a smaller percentage, exhibited a notable increase from 1.67% to 2.30% over the same period.
- Expense Management
- Franchised restaurants-occupancy expenses remained relatively stable as a percentage of revenues, fluctuating between -9.56% and -11.15%. Company-owned and operated restaurant expenses decreased significantly from -35.47% in March 2021 to -30.82% in December 2025, indicating improved cost control or operational efficiency. Other restaurant expenses also decreased, though less dramatically, from -1.31% to -2.00%.
- Profitability
- Gross margin showed volatility, peaking at 58.69% in September 2022, but generally remained between 52.07% and 57.73%. Depreciation and amortization as a percentage of revenues increased from -1.48% to -2.13% in December 2022, before decreasing to -1.76% in December 2025. Selling, general & administrative expenses also showed a decreasing trend, from -14.01% to -12.44%. Operating income as a percentage of revenues demonstrated a similar pattern to gross margin, with a peak in September 2022 (47.07%) and a range between 39.26% and 47.94%. Net income fluctuated considerably, ranging from 19.49% to 37.69%.
- Non-Operating Items & Taxes
- Interest expense remained relatively consistent, fluctuating between -4.74% and -6.31%. Nonoperating income (expense), net, exhibited volatility, with both positive and negative values. The provision for income taxes varied significantly, influenced by changes in income before taxes and potentially tax rate fluctuations.
Overall, the company demonstrates a shift in revenue generation towards franchised restaurants and improved control over company-owned restaurant expenses. Profitability metrics, including gross margin, operating income, and net income, show fluctuations but generally remain within a reasonable range. The increasing contribution of other revenues and the volatility in non-operating items warrant further investigation.